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Financial Derivatives (Tables)
 9 Months Ended
Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements as of September 30, 2013 and December 31, 2012 and the effects of financial derivatives on the consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012:

Table 4.1

  
September 30, 2013
  
 
 
Fair Value
 
Weighted-
Average
Pay Rate
 
Weighted-
Average Receive Rate
 
Weighted-
Average
Forward
Price
 
Weighted-
Average
Remaining
Life (in years)
  
Notional Amount
 
Asset
 
(Liability)
 
 
 
 
  
(dollars in thousands)
Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pay fixed non-callable
$
900,000

 
$
—

 
$
(35,198
)
 
2.25%
 
0.27%
 
 
 
3.50
No hedge designation:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pay fixed non-callable
784,349

 
3,398

 
(55,157
)
 
4.57%
 
0.26%
 
 
 
4.03
Receive fixed non-callable
4,308,440

 
16,135

 
(178
)
 
0.30%
 
0.78%
 
 
 
0.59
Receive fixed callable
225,000

 
4

 
(1,137
)
 
0.12%
 
0.55%
 
 
 
3.22
Basis swaps
374,288

 
315

 
(358
)
 
0.34%
 
0.29%
 
 
 
1.34
Credit valuation adjustment
 
 
(176
)
 
583

 
 
 
 
 
 
 
 
Total financial derivatives
$
6,592,077

 
$
19,676

 
$
(91,445
)
 
  
 
  
 
 
 
  
Collateral (received)/pledged
 
 
(742
)
 
11,977

 
 
 
 
 
 
 
 
Net amount
 
 
$
18,934

 
$
(79,468
)
 
 
 
 
 
 
 
 
  
December 31, 2012
  

 
Fair Value
 
Weighted-
Average
Pay Rate
 
Weighted-
Average Receive Rate
 
Weighted-
Average
Forward
Price
 
Weighted-
Average
Remaining
Life (in years)
  
Notional Amount
 
Asset
 
(Liability)
 
 
 
 
  
(dollars in thousands)
Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pay fixed non-callable
$
950,000

 
$
—

 
$
(58,758
)
 
2.20%
 
0.31%
 
 
 
4.07
No hedge designation:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pay fixed non-callable
805,622

 
357

 
(91,205
)
 
4.83%
 
0.32%
 
 
 
4.14
Receive fixed non-callable
4,135,149

 
30,338

 
(211
)
 
0.33%
 
0.85%
 
 
 
0.74
Receive fixed callable
245,000

 
6

 
(238
)
 
0.15%
 
0.55%
 
 
 
3.89
Basis swaps
609,262

 
499

 
(784
)
 
0.43%
 
0.36%
 
 
 
1.29
Agency forwards
59,035

 
—

 
(58
)
 
 
 
 
 
101.22

 
 
Treasury futures
11,200

 
—

 
(12
)
 
 
 
 
 
129.77

 
 
Credit valuation adjustment
 
 
(27
)
 
584

 
 
 
 
 
 
 
 
Total financial derivatives
$
6,815,268

 
$
31,173

 
$
(150,682
)
 
  
 
  
 
 
 
  
Collateral (received)/pledged
 
 
(1,650
)
 
60,311

 
 
 
 
 
 
 
 
Net amount
 
 
$
29,523

 
$
(90,371
)
 
 
 
 
 
 
 
 
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]
 
Gains/(Losses) on Financial Derivatives and Hedging Activities
  
For the Three Months Ended
 
For the Nine Months Ended
  
September 30, 2013
 
September 30, 2012
 
September 30, 2013
 
September 30, 2012
 
(in thousands)
Fair value hedges:
 
 
 
 
 
 
 
Interest rate swaps (1)
$
4

 
$
(5,142
)
 
$
23,329

 
$
(5,142
)
Hedged items
2,996

 
8,378

 
(14,871
)
 
8,378

Gains on hedging activities
3,000

 
3,236

 
8,458

 
3,236

No hedge designation:
 
 
 
 
 
 
 
Interest rate swaps
1,192

 
(1,970
)
 
14,950

 
(25,853
)
Agency forwards
(861
)
 
452

 
(768
)
 
(153
)
Treasury futures
(307
)
 
(142
)
 
(139
)
 
(471
)
Credit default swaps
—

 
(18
)
 
—

 
(93
)
Gains/(losses) on financial derivatives not designated in hedging relationships
24

 
(1,678
)
 
14,043

 
(26,570
)
Gains/(losses) on financial derivatives and hedging activities
$
3,024

 
$
1,558

 
$
22,501

 
$
(23,334
)
(1)
Included in the assessment of hedge effectiveness at September 30, 2013, but excluded from the amounts in the table, were losses of $3.1 million and $8.0 million for the three and nine months ended September 30, 2013, respectively, attributable to the fair value of the swaps at the inception of the hedging relationship. Accordingly, the amounts recognized as hedge ineffectiveness for the three and nine months ended September 30, 2013 were losses of $0.1 million and gains of $0.5 million, respectively. The comparable amounts at September 30, 2012 were losses of $3.0 million for the three and nine months ended September 30, 2012 attributable to the fair value of the swaps at the inception of the hedging relationship and, accordingly, gains of $0.2 million for the three and nine months ended September 30, 2012 attributable to hedge ineffectiveness.